June 2026 Finance Newsletter: Why You Should Have a Will

Having a will in place will ensure that your family is taken care of after you’ve gone.

A will allows you to specify exactly how your property should be divided in the event of your death and gives peace of mind to you and your loved ones.

People often delay finalising their will, thinking that they will have more time in the future. However, the reality is that no one knows when that time will run out. Make time today to draft and finalise your will.

What is a will?

A will is a legal document that gives your executor exact instructions on how your property (or estate) should be divided upon your death. If you die without a will, your estate will be divided following the law of intestate succession, giving preference to a surviving spouse, children, and parents. If you are married, you can draft a joint will with your spouse.

Who will be responsible for my will?

You must appoint an executor in your will. An executor will be responsible for ensuring that your estate is divided according to your instructions.

Your executor will also make sure that all your debt is paid, all policies are claimed, set up a trust if required and transferred any assets to the person you appointed.

A family member can be appointed as the executor of your estate; however, the responsibility can be quite complicated, and the person may require an expert to assist in finalising your estate.

Who will take care of my minor children?

If you have minor children, you must appoint a person to be your children’s guardian in the event of your death. If you do not appoint a guardian in your will, or if you die without a will, the court will appoint a guardian on your behalf. The court will usually appoint a capable family member if one is available and willing.

Although this might be a difficult conversation to have, it is best to speak to your family or a close friend and ask if they will be willing to be your children’s guardian should anything happen to you.

Who can draft a will?

Many people request their financial advisor or their attorney to assist them in drafting their will and act as executors of their estate. You can, however, draft your own will by using an online template or draft one from scratch.

Keep the following in mind to ensure your will is valid:

• A will must be in writing and hard copy.

• A will must be signed by the testator (that is you) at the bottom of each page and on the last page of the will.

• The will must also be signed by two witnesses older than 14 years.

• An executor or beneficiary of the will should not sign as a witness.

• Both witnesses must be present when you sign the will.

• Although not required by law, it is recommended that your will is dated, to avoid confusion if more the one fill is found.

Make sure that you give an original copy of your final will to a close relative or friend together with any other relevant documents.

Take the first steps to finalise your will today

Drafting a will may be an uncomfortable step to take but failing to do so means your estate will be divided following the law. The Master of the court will be responsible for administering the division of your estate, which may take months if not years to finalise.

If you do not feel comfortable drafting your own will, speak to a financial advisor or a lawyer that can advise and guide you through the process.